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₹ 2,000 Denomination Banknotes – Withdrawn from Circulation
Pursuant to RBI guidelines RBI/2023-24/32 DCM (Plg) No. S-236/10.27.00/2023-24 dated 19 May 2023 with subject: ₹ 2,000 Denomination Banknotes – Withdrawal from Circulation; Will continue as Legal Tender, RBI has advised as follows:
The ₹ 2,000 denomination banknote was introduced by the Reserve Bank of India (RBI) in November 2016 primarily to meet the currency requirements of the economy expeditiously after the withdrawal of the legal tender status of all ₹ 500 and ₹ 1,000 denomination banknotes.
With the fulfilment of that objective and once notes of other denominations were available in adequate quantities, the printing of ₹ 2,000 denomination banknotes was stopped in 2018-19. It has been observed that this denomination is no longer commonly used for transactions; besides, there is adequate stock of banknotes in other denominations to meet currency requirements. In view of this and in pursuance of the ‘Clean Note Policy’ (availability of good quality banknotes) of the RBI, it has been decided to withdraw the ₹ 2,000 denomination banknotes from circulation.
It may be noted that this move is a ‘currency withdrawal and not demonetisation’ as had happened in 2016. Hence, it's business as usual, and the ₹ 2,000 denomination banknote is still legal tender and can be used for all transactions.
How can you deposit the amount in your bank account?
You can deposit the ₹ 2,000 denomination banknotes into your account in the usual manner, without any restrictions and subject to existing KYC norms in any of the following ways:
At your nearest branch (Senior citizens can avail of our doorstep banking facility for deposit)
At a cash deposit machine of our bank
This facility will be available until September 30, 2023.
How can you exchange the ₹ 2,000 denomination banknote at the bank?
You can exchange your ₹ 2,000 denomination banknotes in any of the following ways:
At a branch of any bank (up to ₹ 20,000 at a time). You don’t need to have an account with the bank.
At the Regional Offices of the RBI (up to ₹ 20,000 at a time)
This facility will be available from May 23, 2023 to September 30, 2023.
As mentioned above you can visit any ICICI Bank Branch and deposit or exchange ₹ 2,000 denomination banknotes. The facility for exchange is available to everyone. You can also use our Cash Deposit Machines to deposit ₹ 2,000 denomination banknotes 24x7.
ICICI Bank will not levy any charges for handling the ₹ 2,000 denomination banknotes until September 30, 2023, for its individual Savings Account customers. We have made special arrangements at our branches for senior citizens and specially-abled individuals to reduce inconvenience during the exchange or deposit process.
You can reach out to your Relationship Manager for any guidance or assistance regarding the new policy.
You can also call our Customer Care at 1800 1080, and our customer service representatives will assist you.
Frequently Asked Questions
₹ 2,000 Denomination Banknotes – Withdrawal from Circulation - Will continue as Legal Tender
Why are ₹ 2,000 denomination banknotes being withdrawn?
The ₹ 2,000 denomination banknote was introduced in November 2016 under Section 24(1) of the RBI Act, 1934 primarily to meet the currency requirements of the economy in an expeditious manner after withdrawal of the legal tender status of all ₹ 500 and ₹ 1,000 banknotes in circulation at that time. With the fulfilment of that objective and availability of banknotes in other denominations in adequate quantities, printing of ₹ 2,000 banknotes was stopped in 2018-19. A majority of the ₹ 2,000 denomination notes were issued prior to March 2017 and are at the end of their estimated lifespan of 4-5 years. It has also been observed that this denomination is not commonly used for transactions anymore. Further, the stock of banknotes in other denominations are adequate to meet the currency requirement of the public. In view of the above, and in pursuance of the ‘Clean Note Policy’ of the RBI, it has been decided to withdraw the ₹ 2,000 denomination banknotes from circulation.
What is the Clean Note Policy?
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It is a policy adopted by RBI to ensure availability of good quality banknotes to the members of the public.
Does the legal tender status of ₹ 2,000 banknotes remain?
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Yes. The ₹ 2,000 banknote will continue to have legal tender status.
Can ₹ 2,000 banknotes be used for normal transactions?
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Yes. Members of the public can continue to use ₹ 2,000 banknotes for transactions and also receive them in payment. However, they are encouraged to deposit and/or exchange these banknotes on or before September 30, 2023.
What should the public do with the ₹ 2,000 denomination banknotes held by them?
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Members of the public may approach bank branches for deposit and/or exchange of ₹ 2,000 banknotes held by them. The facility for deposit into accounts and exchange of ₹ 2,000 banknotes will be available at all banks until September 30, 2023. The facility for exchange will also be available at the 19 Regional Offices (ROs) of RBI having Issue Departments1 until September 30, 2023.
Is there a limit on deposit of ₹ 2,000 banknotes into a bank account?
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Deposit into bank accounts can be made without restrictions subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory/regulatory requirements.
Is there an operational limit on the amount of ₹ 2,000 banknotes that can be exchanged?
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Members of the public can exchange ₹ 2,000 banknotes up to a limit of ₹ 20,000 at a time.
Can ₹ 2,000 banknotes be exchanged through Business Correspondents (BCs)?
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Yes. Exchange of ₹ 2,000 banknotes can be made through BCs up to a limit of ₹ 4,000 per day for an account holder.
From which date will the exchange facility be available?
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To give time to the banks to make preparatory arrangements, members of the public are requested to approach the bank branches or ROs of RBI from May 23, 2023 for availing the exchange facility.
Is it necessary to be a customer of the bank to exchange ₹ 2,000 banknotes from its branches?
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No. A non-account holder also can exchange ₹ 2,000 banknotes up to a limit of ₹ 20,000 at a time at any bank branch.
What if someone needs more than ₹ 20,000 cash for business or other purposes?
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Deposit into accounts can be made without restrictions. The ₹ 2,000 banknotes can be deposited into bank accounts and cash requirements can be drawn thereafter, against these deposits.
Is there any fee to be paid for the exchange facility?
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No. The exchange facility shall be provided free of cost.
Will there be special arrangements for senior citizens, persons with disabilities, etc. for exchange and deposit?
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Banks have been instructed to make arrangements to reduce inconvenience to senior citizens, persons with disabilities, etc., seeking to exchange/deposit ₹ 2,000 banknotes.
What will happen if one cannot deposit/exchange ₹ 2,000 banknotes immediately?
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To make the entire process smooth and convenient for the public, a period of over four months has been given for deposit and/or exchange of ₹ 2,000 banknotes. Members of the public are therefore encouraged to avail this facility at their convenience within the allotted time.
What will happen if a bank refuses to exchange/accept deposit of ₹ 2,000 banknotes?
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For redress of grievance in case of deficiency of service, the complainant/aggrieved customer may first approach the concerned bank. If the bank does not respond within a period of 30 days after lodging of the complaint or if the complainant is not satisfied with the response/resolution given by the bank, the complainant can lodge the complaint under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of RBI (cms.rbi.org.in) Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram
